C Suisse braces for bumpy road ahead

Swiss banking giant Credit Suisse is expected to reveal a loss later this week as it gets ready to write down billions of pounds worth of assets.

The bank’s chief financial officer David Mathers said last year that he expected a 6.3bn Swiss franc (£4.3bn) impairment charge in the fourth quarter in relation to the company’s goodwill, while analysts expect Credit Suisse’s investment banking arm to post disappointing performance.

Credit Suisse’s new boss, Tidjane Thiam, has promised to overhaul the bank and double profits by 2018 – a turnaround UBS analysts say is only likely to be preceded by a “long and turbulent transition period”.